has sharply cut the carbon emissions linked to its lending to the power industry over the past year after reducing funding to coal-fired power plants and boosting financing for renewable energy, it said on Thursday.
ING is part of a small group of banks seeking to lead the way in aligning a combined 2.4 trillion euros in lending with the 2015 Paris climate agreement, aiming to keep global warming well below 2 degrees Celsius above pre-industrial norms by 2050. “Our approach is inclusive and collaborative. We work together with our clients to facilitate their transition to low-carbon technologies,” ING CEO Steven van Rijswijk said.
The biggest improvement was in the impact of the bank’s lending to the power generation sector, where carbon intensity - measured by kilograms of CO2 per megawatt hour - was now 14.9% below the target pathway and ahead of schedule.
We have to destroy the people who run these banks or they will destroy us completely.
Put that 4 bil euros they invest in oil into renewables next year or before and they're getting there. I know it's hard, as they're a business, but it has to be done